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The Gritti Palace, Venice, sold to Qatar-based conglomerate
By Helen Andrews
Starwood will continue to operate the 82-key hotel under a new long-term management agreement Credit: Starwood
Originally built in 1525 as the private residence of Doge Andrea Gritti, The Gritti Palace in Venice, Italy – which is now operated by Starwood as a Luxury Collection-branded property – has been sold to Nozul Hotels & Resorts for €105m (US$120m, £76m).
Starwood will continue to operate the 82-key hotel under a new long-term management agreement, including the hotel’s Acqua di Parma Blu Mediterraneo Spa and restaurants – which were updated during a significant restoration in recent years.
Nozul Hotels & Resorts is the owner of W Doha Hotel and is a wholly-owned subsidiary of Jaidah Holdings – a Qatar-based conglomerate whose main focus is long-term investment in sectors including energy and engineering services, real estate development and hotels.
Adam Aron, CEO of Starwood on an interim basis, said Starwood’s asset-light strategy is to complete US$800m (€701m, £510m) in hotel dispositions “in the balance of 2015, while maintaining these hotels’ continued participation in the Starwood system.”
Originally built in 1525 as the private residence of Doge Andrea Gritti, The Gritti Palace in
Venice, Italy – which is now operated by Starwood as a Luxury Collection-branded
property – has been sold to Nozul Hotels & Resorts for €105m (US$120m, £76m).
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